Attached files
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| 8-K - CURRENT REPORT - WNC CALIFORNIA HOUSING TAX CREDITS III LP | wnccal38k.htm |
July 18, 2012
«Partnership»
«NAME2»
«ADDRESS»
«ADDRESS2»
«CITY», «STATE» «ZIP»
Re: WNC California Housing Tax Credits III, L.P. (the “Partnership”) – Property Disposition Notice
Dear «ATTENTION»,
Since our last property disposition notice to you, the Partnership has sold its interests in three local limited partnerships. The appraisal of each apartment complex, conducted with any applicable restrictions taken into consideration subject to the short-term leases, indicated no remaining equity in the apartment complex. Accordingly, each transfer was made for consideration intended to be sufficient to pay for the Partnership’s closing costs. Each apartment complex stayed with the local limited partnership owning it subject to its mortgage indebtedness.
The schedule comprising Attachment No. 1 hereto includes each property’s appraised value as of the date set forth, and each property’s loan balance as of December 31, 2011. The table also includes the type of transaction (asset or limited partnership interest sale) and the date each transaction took place.
We would like to remind you of the investment benefits you have received from the Partnership. The average Limited Partner investing in the Partnership during its initial offering has received federal and state tax credits of approximately 144% of the amount invested. In addition, each Limited Partner has been allocated losses, which are classified as passive losses for most Limited Partners.
The Partnership continues to own interests in other apartment complexes. Consistent with the Partnership’s objectives, the Partnership has generated passive losses from its operations. For a Limited Partner who is an individual, the tax benefits of such passive losses generally are available (1) only upon the Limited Partner’s taxable disposition of his or her entire interest in the Partnership, or (2) on a proportionate basis in connection with the taxable disposition of the Partnership’s interest in individual apartment complexes. The taxable disposition of an interest in an apartment complex might allow a Limited Partner to use passive losses previously allocated to him or her in connection with such apartment complex and not previously used. The sales described herein will result in gross taxable income to Limited Partners which will be reflected in your 2012 K1, expected to be delivered to you approximately February or March 2013. Accordingly each Limited Partner is encouraged to consult his, her or its own tax advisor as to the specific tax consequences as a result of the sales.
If you have any questions please contact Investor Services by phone or email at investorservices@wncinc.com
Best regards,
/s/ DENIM MERCADO
Denim Mercado
Investor Services Manager
cc: Registered Representative
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714.662.5565 714.708.8498 F
17782 Sky Park Circle, Irvine, California 92614
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wncinc.com
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Attachment No. 1
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A
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B
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C
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D
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E
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F
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G
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Local Limited Partnership
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Mortgage
Debt at
12/31/11
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Appraised
Value
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Column B
less
Column C
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Date of Appraisal
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Date of
Sale
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Type of
Transaction
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Sun Manor
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$1,000,583
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$490,000
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($510,583)
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8/4/2011
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4/30/2012
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LP Interest Sale
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Almond Garden
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$1,310,005
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$740,000
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($570,005)
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8/1/2011
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5/1/2012
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LP Interest Sale
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Buccaneer Villas
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$1,390,380
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$1,300,000
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($90,380)
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4/29/2011
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6/1/2012
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LP Interest Sale
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